The dollar is continuing its good form to start the week as it is maintaining decent gains in the European morning session, with EUR/USD slowly creeping towards session lows now.
The greenback is posting modest advances against risk/commodity currencies as well, but the two key charts I'd like to focus on in this post are EUR/USD and USD/JPY.
On the former, the pair has already broken below the key daily moving averages and is now nearing a test of the 38.2 retracement level @ 1.0964. But more notably, sellers are seizing more control after breaking the 100-hour MA @ 1.1006.
That shows that buyers are losing further ground with near-term support seen closer towards 1.0954 as well - so that will add to the daily support at 1.0964.
For now, dollar bulls are slowly expanding their territory and a move back below 1.0900 and the 200-hour MA @ 1.0879 will just solidify the downside momentum.
Meanwhile, for USD/JPY, the pair continues to keep near the 108.50 level as price action is centering around the 200-day MA @ 108.34.
For buyers, keep above that into the daily close and that will be a good platform to build on for further gains towards testing the 100-day MA @ 109.00 next.